Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canada’s Diamcor Mining (TSX-V:DMI) said Tuesday it has found a 5.36-carat green gem quality octahedron rough diamond from its Krone-Endora project in South Africa, located next to De Beers’ Venetia mine, the world’s third largest.
While the significance of this rough green diamond is currently uncertain, the company said that given the rarity and potential high value of green diamonds, an analysis of the recently-found rock will be performed over the coming weeks.
The stone has been shipped to Antwerp along with other rough diamonds recovered from the ongoing efforts and processing underway at the project, Diamcor said.
Krone-Endora previously belonged to diamond giant De Beers, but Diamcor officially acquired the project in February 2011.
Diamcor and De Beers mines in Limpopo, South Africa. (Image courtesy of Diamcor Mining )
The project is located directly adjacent to De Beers’ Venetia mine, which is South Africa’s largest diamond mine, accounting for over 50% of the country’s annual output.
Prices for coloured diamonds have increased in the past two years. In June 2016, a massive intense blue diamond, known as The Cullinan Dream, fetched $25.4 million at a Christie’s auction in New York, breaking all records and becoming the most expensive gem of its kind ever sold at auction.
And last month in Hong Kong, the 59.60-carat “Pink Star” sold for a record $71.2 million, a price that highlighted the galloping market for coloured gems.
Comments
Altaf
The advantage with Octahedron diamonds is the wastage will be less. They can get two identical (almost) princess cut or emerald cut gems with minimal loss. Of course the impurities inside play a part in determining the shape based on where the impurity is. In case if it is IF or VVS clarity, the wastage is minimal.
Pink and blue are in demand but dont know about green.